Atlas Holdings, Blue Wolf Capital Partners Acquire Controlling Interest in Twin Rivers
EDMUNDSTON, NB and MADAWASKA, ME—June 10, 2013—Twin Rivers Paper, a leader in specialty packaging, label and publishing papers, announces the acquisition of controlling interest in the company by Atlas Holdings and Blue Wolf Capital Partners, and the formation of a new board of directors and leadership team who are turning their attention to building a growing, profitable business and creating long-term value.
Adam Blumenthal, managing partner of Blue Wolf, Tim Fazio, managing partner of Atlas Holdings, and new Twin Rivers’ CEO, Tim Lowe, join existing board members in setting the strategic direction for the company. Joining Lowe on the new executive team for Twin Rivers Paper are Wayne Gosse, CFO, Jean-Pierre Grenon, vice president of forestry and sawmill operations, and Adam Levy, chief restructuring officer.
“We are turning our attention to building a growing, profitable business,” said Tim Lowe. “We are focused on bringing new resources, operational expertise and a commitment to the future of the business.”
The new management team brings many decades of leadership experience in the forest products industry. Lowe and Gosse previously led the successful operational and financial turnaround of Northern Resources Nova Scotia Corporation, an integrated forest products company located in Pictou, Nova Scotia. Before their work at Northern, Lowe held multiple operational positions at Domtar, including general manager of the Woodlands, Maine pulp mill; Gosse held multiple finance positions at Neenah Paper and Kimberly Clark. Prior to joining Twin Rivers, Grenon has had a distinguished career, leading forestry operations at Domtar, Donohue, and as an independent industry consultant. Adam has 20 years’ leadership experience in business transformations, including carve-outs, growth situations and turnarounds, working throughout the United States and Canada. He’s worked with companies ranging from $100 million to $1 billion in revenue in a wide range of industries.
Twin Rivers, with facilities in Edmundston and Plaster Rock, New Brunswick, and Madawaska, ME, has been a vital economic engine for the region for over 80 years, producing specialty papers and lumber for a variety of markets. The new leadership team will build upon the existing foundation with a view to improving market focus and increasing profitability. The company is committed to investing capital to achieve these goals. The key pillars of the strategy include:
- Ensuring exceptional manufacturing capability in lightweight papers and expanding specialty markets
- Operating more efficiently and safely
- Expanding sawmill operation and lowering wood costs
- Local management and committed ownership
“We welcome the early support received from employees, union leaders, community stakeholders and government partners to collaborate on a successful business strategy,” said Lowe. “We begin the transition today with a 12- to 18-month plan to ensure Twin Rivers can compete and thrive long-term in the extremely competitive forest products industry.”
Economic Development Minister Paul Robichaud also added: “Twin Rivers is critical to the survival of the forestry industry in New Brunswick. The Province of New Brunswick is proud to welcome Atlas Holdings and Blue Wolf Capital Partners as the new majority ownership group. Together, Atlas Holdings and Blue Wolf Capital Partners have a depth of experience in successfully collaborating with stakeholders to restructure struggling companies into highly sustainable competitive enterprises.”
"We welcome Blue Wolf and Atlas to our State,” added Maine Governor Paul LePage. “These investors have a track record of successful change in forest products companies, and we look forward to working with them as they implement their strategy.”
Lowe also relayed: “We recognize both governments’ strategic commitment to their respective value-added wood industries, and we are confident that our plan will result in a sustainable business that will be well-positioned to thrive over the long-term, preserving hundreds of well-paying jobs and bolstering the local communities within which Twin Rivers operates, as well as protecting the company’s position within the region’s overall forestry industry—today, and in the future.”
About Twin Rivers Paper
Twin Rivers is an integrated specialty paper company that manufactures packaging, label and publishing products, with mill operations in Madawaska, ME, and Edmundston, New Brunswick. Twin Rivers also operates a lumber sawmill located in Plaster Rock, New Brunswick.
About Blue Wolf Capital Partners
Blue Wolf Capital Partners LLC is a private equity firm that invests in companies in which effective management of relationships with complex constituencies, such as government and labor, can change organizations and create value.
About Atlas Holdings
Atlas Holdings is a diversified group of manufacturing, distribution, service and trading businesses that operates in the building materials, capital equipment, energy, industrial services, packaging, pulp, paper, and tissue, steel, and logistics, supply chain management and distribution segments. With a unique and focused approach, Atlas Holdings has built companies and entered new industries, centered around investing in businesses undergoing complex financial and operational challenges, developing exceptional management teams joined by a shared set of values and common culture, and deploying the Atlas operating system.
Source: Twin Rivers Paper.